Research On The Marketing Strategy Of ST Direct Banking Personal Business

The popularity of the Internet has led to a continuous rise in the size of Internet users,and the continuous innovation of Internet technology has prompted the gradual onlineization of residents’ offline activities.Artificial intelligence,cloud technology,and 5G technology have gradually led enterprises to digital transformation,and the financial industry is no exception.Due to the first-mover advantage of Internet financial companies and third-party payment platforms,the market share of traditional commercial banks is constantly being squeezed out.In the face of this fierce competition,direct banking without offline outlets was born as a transformation of commercial banks.It reaches long-tail retail customers and SMEs through technology empowerment to develops the sinking market.However,since its development,direct banking was once questioned as a transitional product for the transformation of traditional banks due to its unclear positioning,non-independent operation and high overlap with mobile banking.At the same time,under the unclear regulatory system and the incentive competition of the industry,some prominent problems emerged in the development of direct banking:serious homogeneity of products,low degree of differentiation,weak risk prevention and control,high scarcity of data,and lack of scenario finance,it has been difficult for direct banks to acquire a large number of customers,especially in the personal business.In 2017,with the establishment of direct selling banks with independent legal personality,coupled with the policy support for financial inclusion,a new competitive track was opened for direct selling banks.This study takes ST Direct Bank,a direct marketing bank with independent legal personality,as an example,and tries to explore the marketing strategy of the bank’s personal business.According to the current marketing situation of ST Direct Bank,the problems in the marketing process of ST Direct Bank’s personal business are analyzed through a questionnaire survey and interviews on ST Direct Bank’s personal customer satisfaction,and a multidimensional study on product types,APP usage experience,and marketing channels.The marketing environment of ST Direct Banking is analyzed through macro environment and micro environment,and the strategy of ST Direct Banking personal business is analyzed by using STP theory in combination with questionnaire survey data,interview analysis and its development status,and strategic adjustment is proposed.Finally,to address the current marketing problems of ST Direct Banking’s personal business.Using the 7Ps theory,we suggest optimizing the marketing strategy for ST Direct Banking’s personal business:product,pricing,channel,promotion,people,process and tangible presentation.To solve its marketing strategy problems such as low product differentiation,insufficient channel expandability,insufficient APP design flexibility and talent recruitment to be improved,and equipped with targeted safeguards.The results of this study have certain theoretical and practical significance,not only confirming the feasibility and rationality of 7Ps in the direct marketing banking industry,but also enriching the marketing strategy case studies of direct marketing banks.It also provides directions for ST Direct Banking to carry out marketing activities for its personal business,and provides references and lessons for the development of other domestic direct banks.